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Elcogen

Energy · Tallinn, Estonia · Founded 2011

A manufacturer of efficient and high-performance fuel cells to help enable a clean energy future MoreLess

Elcogen is a leading manufacturer of advanced ceramic anode-supported solid oxide cells and stacks, which are crucial components in fuel cell systems. These systems convert fuel into electricity with high efficiency, making them a promising technology for various energy applications. Elcogen operates primarily in the European market and serves a diverse range of clients, including those in the renewable energy sector, marine applications, and commercial vehicle industries.

The company’s business model revolves around producing and selling its proprietary solid oxide cells and stacks. These products are designed to operate at lower temperatures, which reduces costs and extends their lifespan. By leveraging low-cost materials and efficient system designs, Elcogen can offer high-performance solutions at a competitive price. This makes their products attractive to manufacturers looking to commercialize fuel cell systems globally.

Elcogen generates revenue through the sale of its cells and stacks to manufacturers who integrate these components into their own fuel cell systems. The company also benefits from funding and grants, such as those from the European Horizon 2020 research and innovation program. This financial support helps Elcogen to continue innovating and scaling its production capabilities.

One of the standout features of Elcogen’s technology is its high energy conversion efficiency. The company has achieved a world record in primary energy conversion efficiency to electricity at 74%. This high efficiency, combined with the ability to use various fuels and the modularity of their systems, makes Elcogen’s products highly versatile and scalable.

In summary, Elcogen is at the forefront of solid oxide fuel cell technology, offering high-efficiency, cost-effective solutions for a variety of energy applications. Their innovative approach and strong market presence position them well for continued growth and success.

Keywords: Solid Oxide Cells, Fuel Cells, High Efficiency, Renewable Energy, Low Cost, Modular Systems, Energy Storage, Marine Applications, Commercial Vehicles, European Market.

Valuation $100–500M
Revenue $1–10M
Headcount <100
Total funding $100–500M
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Company overview

Elcogen company information

The essential company record, classifications and operating signals in one place.

Status
Operational
Founded
2011
Headquarters
Tallinn, Estonia
Employees
90
Open positions
1
Dealroom signal
75.0
client focusb2btechnologyHardwaretechnologyDeep Techsub industryOil & Gassub industryEnergy Efficiencybusiness modelManufacturingsectorHydrogensectorSustainable Development GoalssectorClimate TechsectorNovel EnergysectorBlue EconomysectorElectrolysissectorGreen HydrogensectorHydrogen Production

Valuation & funding

Elcogen funding history

Company financing events and reported valuations.

Deal typeDateAmountValuationInvestorsSource
LATE VCOther financing Jan 2025 $5.5M $248M SmartCap
GRANTOther financing Nov 2024 $0 EU Innovation Fund
LATE VCOther financing Apr 2024 $34M $136M Baker Hughes
LATE VCOther financing Oct 2023 $50M $198M HD Korea Shipbuilding & Offshore
GRANTOther financing Sep 2023 $0 Undisclosed
LATE VCOther financing May 2022 HydrogenOne Capital Growth
GRANTOther financing Sep 2018 Undisclosed
GRANTOther financing May 2018 European Innovation Council
GRANTOther financing Dec 2014 European Innovation Council
Showing 9 recorded eventsUnlock the complete deal history →

Financials

Revenue, earnings and profit over time

Reported history and available estimates. Estimated years are marked “E”; sparse fields are left blank rather than inferred.

YearRevenueGrowthEBITDAMargin
2026 $5.1M 0% −$572K -11.2%
2025 $5.1M 0% −$572K -11.2%
2024 $5.1M 0% −$572K -11.2%
2023 $5.1M +37.4% −$572K -11.2%
2022 $3.7M -3981% −$572K -15.3%
2021 −$96K -54.6% −$572K 594.9%
2020 −$212K −$572K 270.2%
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Growth signals

Elcogen website traffic

Latest recorded traffic for Elcogen is 7.8K monthly website visits, down 35% over the last three months. Elcogen's team declined 3.2% over the past year.

Latest monthly visits7.8K 3-month web change-35% 1-year team growth-3.2%
Monthly website visits124 observations · Feb 2016–Jul 2026
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Comparisons

Elcogen compared with similar companies

Dealroom’s weighted taxonomy model identifies the closest operating peers. Company identity and context stay open; selected comparison metrics preview what is available in the platform.

Showing 8 of the closest matchesCompare every metric →

Talent graph

Elcogen's talent

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Team profiled 7 named & role-tagged
Founders Hidden — book a demo/100 quality score
Key operators 4 quality Hidden — book a demo/100
Potential founders Hidden — book a demo likely future founders
Startup mafia Hidden — book a demo alumni-founded startups
Talent movements Hidden — book a demo in · Hidden — book a demo out past 12 months

Source: Dealroom Talent Intelligence.

Investors

6 investors on Elcogen's cap table

Sourced from Dealroom's funding and investor records.

Seed 2 investors entered at this stage
European Innovation Council
EU Innovation Fund
Series B+ 4 investors entered at this stage
HydrogenOne Capital Growth
HD Korea Shipbuilding & Offshore
Baker Hughes
SmartCap

Global footprint

Where Elcogen has talent and traffic

Workforce by country
7 countries with
team presence
🇪🇪 Estonia52.2%
🇫🇮 Finland40.3%
🇳🇱 Netherlands1.5%
🇬🇧 United Kingdom1.5%
🇩🇪 Germany1.5%
Top 5 of 7 shown

In the news

Latest news about Elcogen

Recent press, funding announcements, and product moves mentioning Elcogen — open to read from the original sources.

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Market sentiment

What the market is saying about Elcogen

An AI-synthesized read of the highest-engagement posts about Elcogen on X over the past 7 days. We rank by likes & retweets, ignore corporate channels, and surface the themes that broke out from real people.

Reading the room on X — pulling top posts and synthesizing themes…

Source: X recent search ranked by engagement (likes + retweets) · Synthesis by Claude · Cached for 1 hour

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